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    Lucid Group Inc (LCID)

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    Business Description

    Lucid Group, Inc. (LCID) is a company specializing in the design, engineering, and manufacturing of high-performance electric vehicles (EVs) and advanced powertrain components. The company is committed to innovation in the EV industry, focusing on delivering luxury electric vehicles and cutting-edge technology. In addition to vehicle sales, Lucid engages in research and development, manufacturing, and retail expansion to support its global operations.

    1. Vehicle Sales - Sells high-performance electric vehicles, including the Lucid Air, with revenue recognized upon delivery to customers.
    2. Non-Warranty After-Sales Vehicle Services and Parts - Provides vehicle services and parts not covered under warranty.
    3. Powertrain Kits and Retail Merchandise - Offers advanced powertrain kits and branded retail merchandise.
    4. Regulatory Credits - Generates revenue through the sale of regulatory credits.
    5. Vehicle Operating Lease Revenue - Includes sales of vehicles with repurchase obligations, accounted for as operating leases, though this revenue is not material.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Peter RawlinsonChief Executive Officer (CEO) and Chief Technology Officer (CTO)April 2019Peter Rawlinson has served as CEO and CTO since April 2019. Previously, he was VP of Vehicle Engineering and Chief Engineer of the Model S at Tesla, and held senior roles at Corus Automotive, Lotus, and Jaguar.
    Gagan DhingraInterim Chief Financial Officer (CFO) and Principal Accounting OfficerDecember 11, 2023Gagan Dhingra became Interim CFO on December 11, 2023, after joining Lucid in December 2021 as VP of Accounting. He has 20+ years of experience, including roles at Anaplan, Seagate, McKesson, and Ernst & Young.
    Marc WinterhoffChief Operating Officer (COO)December 4, 2023Marc Winterhoff started as COO on December 4, 2023. He was previously a partner at Roland Berger, focusing on operational leadership for automotive manufacturers. He holds a master's in engineering and management.
    Eric BachSenior Vice President, Product and Chief EngineerMarch 2021Eric Bach has been SVP, Product and Chief Engineer since March 2021. He joined Lucid in 2015 and previously worked at Tesla and Volkswagen in various engineering leadership roles.
    Michael BellSenior Vice President, DigitalFebruary 2021Michael Bell has been SVP, Digital since February 2021, after consulting for Lucid starting in August 2020. He previously held leadership roles at Rivian, Intel, Palm, Apple, and others.
    Derrick CartyInterim Head of Digital Organization, Vice President of Platform SoftwareJune 2022 (VP), May 2024 (Interim Head)Derrick Carty has been VP of Platform Software since June 2022 and became Interim Head of Digital Organization in May 2024. He spent over two decades at Apple and holds a Computer Science degree from Stanford.

    Questions to Ask Management

    1. Can you elaborate on the working capital requirements for next year as you ramp up production of the Lucid Gravity, and how do you plan to manage these needs given your current financial resources?
    2. As you aim for the start of production of the Midsize vehicle in late 2026, what steps are necessary to ensure this ramp can proceed given your current financial position, and are there any milestones that need to be met to support it?
    3. How should we think about the impact of the Gravity's production ramp on your gross margins over the next several quarters; will it initially be a headwind before achieving greater volume, and what is your outlook for margin improvement during this period?
    4. With a significant portion of your engineering and powertrain teams already working on the Midsize vehicle, how are you allocating resources to balance the development of future products while ensuring the ongoing success and improvement of your current models like the Air and Gravity?
    5. Given that the Lucid Gravity involves substantial differences from the Air's platform, how do you anticipate this will impact production costs and economies of scale, and how will it affect your strategy for achieving cost efficiencies across your product lineup?